Reverse mortgage HELP PLEASE?

Posted on Oct 1, 2012 in FHA Information

Question by G: Reverse mortgage HELP PLEASE?
Hey everyone i have a question about reverse mortgage. I will be turning 62 In march and i have been looking into refinancing into a reverse mortgage.. but as many houses out here in California my house has lost value and I Do not have any equity… Can i qualify for one? and does anyone know of a Reliable FHA-approved lenders In So-Cal?

Best answer:

Answer by Let me steer you
To get a reverse mortgage, stuff approved you must own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, and you must live in the home.

If your current mortgage balance owed is high, and certainly if you have no equity built up in the home, then you cannot do a reverse mortgage.

You can receive free information about reverse mortgages in general by calling AARP toll free at (800) 209-8085.

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  1. If you do not have any equity, you cannot do a reverse mortgage.

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  3. Hi, reverse mortgages are for people 62 and older, so if you’re the youngest owner on title, you’ll be the right age. Unfortunately, however, a reverse mortgage is a loan against the equity in your home. In addition, a reverse mortgage will not even let you tap all of the equity in your home. The amount of equity you can access increases as you get older, so as a young 62-year old, the percentage of equity you could take out (if you had any equity) would be relatively low.

    In any event, you should check with a respectable reverse mortgage company and see whether you would qualify based on your home’s value and your current mortgage. They should be able to give you a pretty good idea of what your equity position is if you can come up with a reasonable estimate of your home’s worth.